It has been a painful journey for Aussie bulls. Weaker commodities, strong dollar ..whatever, you’ve read it on the papers. I have been following it all this time. Here are some observations. Is Dollar hitting resistance now? Are Aussie and Gold reaching support now? uhm… What do ya think?
Here are the ….CHARTS!
Dollar Index
[photopress:DXweekly.jpg,full,1]
Gold
[photopress:Goldspotweekly.jpg,full,1]
AUDUSD
[photopress:AUDUSDweekly.jpg,full,1]
Charts and data provided by Market Club
I made 2 day trades yesterday. Long EURUSD, Short USDCHF. Simple setup. But, instead of waiting for the planned target, I chickened out on exit. Well…
Beautiful charts.
[photopress:_USDCHF3_9_2008_1.jpg,full,1]
[photopress:EURUSD.jpg,full,1]
Side note. If you are not reading this post on tradergav.com, please leave immediately. My posts are stolen by some sissy birds recently. They created a new website and published my work without my knowledge.
I have not been upgrading my trading hardware for a long time. I used to trade with my laptop and a old 15″ LCD monitor for the past few years. OK, I am a stingy asian man. ๐ . Anyway, I just got my Samsung SyncMaster 2253LW 22″ LCD monitor from ebay yesterday. Cool stuff. Now here is my new hardware setup.
[photopress:IMG_0253.JPG,full,1]
Here is one nice chart to show. Two day trades, 1 stopped, another with couple of Rs. Small positions, still playing around with new setups.
[photopress:_GBPJPY__27_8_2008_1.jpg,full,1]
Oh crap. That’s the term I used the most last week. :lol:. Man, Aussie dollar was breaking down again and again. It broke my 0.93 support, and now trading below 0.90. Holy smoke… ๐
I did not make money from shorting Aussie dollar last week. The excuse I am going to use is…I was darn busy with my day job. What a crappy excuse, isn’t it? ๐ย .. Nah, the fact is , my trading style tends to hold the position for a longer period, and negative interest position is not a good idea for me. So, I would rather stay away from the market.
Is next week a good time to short Aussie? I don’t think so. Well, at least I am not doing that. We have RBA monetary policy statement coming. But, don’t you think the on plate interest rate cut has already been priced in? Expect a volatile week, I am not trading. I would rather spend my time watching Olympics Games.
Here is the…..CHART!
[photopress:aussie_daily.gif,full,1]
Some statistics
[photopress:aussie_daily_trend.jpg,full,1]
Here is the ETF ,CurrencyShares Australian Dollar Trust (FXA)
[photopress:FXA.jpg,full,1]
Chart is generated by Tradecision.
by Gav 5 Comments
Is Australia heading to recession? Some said next 3 months are crucial…
Think of it like this: we are in a car that has been braking sharply as a result of higher interest rates, higher petrol prices, diminishing household wealth and fear of what might lie ahead. Now the car has slowed sharply, the question is whether we, the decision-makers of the economy, keep our foot on the brake, and slow down even further, or release it to keep cruising at our present speed.
The Reserve’s goal was the latter: if Australia’s growth in output slows to about 2.5% ย 2% excluding farms and mining ย it believes inflation will gradually crawl back within its target zone of 2% to 3%.
Are the decision-makers, the good driver? Not too sure.
